commercive aspect

Question 1

entrepreneur

Answer 1

A person who sets up a business or businesses, taking on financial risks in the hope of profit.

Question 2

employee

Answer 2

A person employed to do a job in exchange for wages or salary.

Question 3

employer

Answer 3

A person or organisation that hires people to do a job in exchange for payment.

Question 4

communism

Answer 4

A theory or system of social organisation in which all private property is abolished and is instead owned collectively and administered in practice by a central government. The idea is that each person in society contributes and receives according to their ability and needs. In time, it came to refer to the more radical type of socialism based in Russia, which advocated for violent overthrow of the capitalist order through revolution.

Question 5

bourgeoisie / middle class

Answer 5

A class of business owners and merchants which emerged from the Late Middle Ages, originally as a “middle” section of society between the peasantry and aristocracy

Question 6

proletariat / working class

Answer 6

The class whose individuals sell their labour for wages (income) and who do not own the means of production, like factories and the machinery within them. Karl Marx argued that these members of society were responsible for creating its wealth and that they were being exploited under the capitalist system.

Question 7

Marxism

Answer 7

A political philosophy and method of analysis for understanding class relations, which advocated for an egalitarian society, which was predicted to come about once the proletariat overthrew the capitalist system and began the creation of a socialist utopia.

Question 8

inequality

Answer 8

The unequal distribution of income and opportunity between different groups in society.

Question 9

egalitarianism

Answer 9

The idea that all people are equal and deserve equal rights and opportunities. Socialists extend this idea to include the equal distribution of wealth among the members of society.

Question 10

patent

Answer 10

A type of intellectual property that gives its owner the legal right to exclude others from making, using, or selling an invention unless fairly compensated.

Question 11

strike

Answer 11

A refusal to work organised by a body of employees (often in a trade union) as a form of protest, typically in an attempt to gain one or more concessions from their employer.

Question 12

industrial action

Answer 12

Action taken by employees (workers) of a company as a protest, especially striking.

Question 13

trade union

Answer 13

An organization of workers whose purpose is to maintain or improve the conditions of their employment, such as attaining better wages and benefits, improving working conditions, improving safety standards and increasing the bargaining power of workers.

Question 14

colonialism

Answer 14

The policy or practice of acquiring full or partial political control over another country, occupying it with settlers, and exploiting it economically.

Question 14

imperialism

Answer 14

A policy of extending a country’s power and influence through colonization, use of military force, or other means.

Question 15

slavery

Answer 15

The ownership of a person as property, especially in regards to their labor.

Question 15

the British Empire

Answer 15

A political entity made up of the dominions, colonies and other territories ruled or administered by Britain; it began with the overseas possessions and trading posts established by England in the late 16th and early 17th centuries.

Question 16

the Slavery Abolition Act, 1834

Answer 16

An Act of the Parliament of the United Kingdom which provided for the gradual abolition of slavery in most parts of the British Empire.

Question 17

socialism

Answer 17

The capture, transportation and selling of human beings as slaves, in particular the former trade in black Africans as slaves by European countries and North America.

Question 18

class consciousness

Answer 18

The awareness that the members of a class (generally the working class) have of their common class interests and aspirations, leading to the establishment of a press, trade unions and political parties attempting to achieve those class interests.

Question 19

trade union

Answer 19

An organization of workers whose purpose is to maintain or improve the conditions of their employment, such as attaining better wages and benefits, improving working conditions, improving safety standards and increasing the bargaining power of workers.

Question 20

Socialism

Answer 20

The capture, transportation and selling of human beings as slaves, in particular the former trade in black Africans as slaves by European countries and North America.

Question 21

Capitalism

Answer 21

An economic system based on private ownership of the means of production, like factories, and their operation for profit.

Question 22

Capital

Answer 22

In economics, this term refers to “those durably produced goods that are in turn used as further production” of goods and services. A typical example is the machinery used in a factory.

Question 23

Profit

Answer 23

The extra value, most often in the form of money gained, which is attained once the revenue received from a sold product exceeds the costs invloved in producing it.

Question 24

free enterprise

Answer 24

The system of economic behaviour whereby people are allowed to start a business with the view to selling a good or service for profit.

Question 25

unskilled labour

Answer 25

Used to describe a type of worker with a limited skill set or minimal economic value for the work performed.